The statewide median price of an existing, single-family detached home fell to $268,280 in January, down 6.7 percent from $285,920 in December. The median price also dropped 3.9 percent from the revised $279,220 median price recorded in January 2011.
For the overall San Francisco Bay Area, the median price was$415,120, which is 8.9% lower than prior month's $455,750,and 9.3% lower than the same period last year of 457,470.
Other key facts of C.A.R.’s January 2012 resale housing report include:
* California’s housing inventory rose in January, with the Unsold Inventory Index for existing, single-family detached homes increasing to 5.5 months in January, up from 4.1 months in December but down from the 6.8-month supply in January 2011. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
* Interest rates continued their downward trend in January. Thirty-year fixed-mortgage interest rates averaged 3.92 percent during January 2012, down from 4.76 percent in January 2011, according to Freddie Mac. Adjustable-mortgage interest rates averaged 2.76 percent in January 2012, compared with 3.25 percent in January 2011.
* The median number of days it took to sell a single-family home edged up to 61.9 days in January 2012 and was essentially unchanged from the 61.8 days for the same period a year ago.
Click here for more analysis and summary of regional sales and price activity, as well as median price in each county.
If you are interested in finding out the median price and sales data for a particular neighborhood or city, please send me an email to meimei@calMBArealty.com to let me know.
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